Pine Labs went public earlier this month amid a crowded IPO calendar, listing 9.5 per cent above its issue price. The company operates in a relatively unglamorous part of the vibrant Indian fintech space: providing payment technology including point-of-sales (POS) machines.
The group has ridden the wave of the country’s digital payments boom of nearly two decades, propelled by the launch of the Unified Payments Interface (UPI) and the turn towards cashless payments during the pandemic. Pine Labs is now valued at more than $3.1bn.
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